One hundred 1.5C compatible investments by 2030

New investor framework launched today at European Climate Innovation Summit.

• The EU-backed Mission Innovation, the first global framework for ‘avoided emissions’, launches ‘Countdown to 100 low-carbon solutions’ today at Mission Finance
• Each of the 100 solutions will have the potential to reduce CO2 emissions by 10 million CO2e or more by 2030
• The Mission Innovation consortia, representing 70% of global GDP and 80% of government investment in clean energy research, will call on pioneering investment bodies to drive a new phase of ‘opportunity-led’ climate action

Dublin 6 November 2018 – The IPCC’s Special Report on limiting global warming to 1.5 degrees above pre-industrial levels should leave us in no doubt that the financial sector has a make-or-break role in averting catastrophic climate change, says CEO of the EU’s EIT Climate-KIC Dr Kirsten Dunlop.

Speaking ahead of the organisation’s three-day finance-focused innovation summit – Mission Finance – which kicks off in Dublin today, Dunlop said:

“Divestment can get us only so far. We now need to identify 1.5C compatible solutions and drive investment and uptake much more quickly. We need the financial system to drive structural and behavioural change. This event will surface some of the urgently needed frameworks, economic models and systems innovations that support the financial sector in this new mission.”

Countdown to 100 low-carbon solutions – nominations opened

One of the biggest announcements of the Summit is the launch of Mission Innovation’s ‘Countdown to 100 low-carbon solutions’ – a framework to identify 100 investments with the potential to reduce carbon dioxide emissions by 10 million CO2e or more by 2030 and/or be able to present a compelling argument for impact.

The solutions will be a mix of technologies and system solutions and will include both start-ups and large companies.

The ‘Countdown’ is a new phase for Mission Innovation (MI). The global initiative of 23 countries and the European Commission was launched at the Paris Climate Conference in 2015 to make clean energy widely affordable and reliable. As part of the initiative, participating countries will seek to double their governments’ clean energy R&D investments over five years, while encouraging greater levels of private sector investment in transformative clean energy technologies.

Sweden has been assigned to lead the collaboration. Speaking ahead of the launch, Ibrahim Baylan, Minister for Policy Coordination and Energy in Sweden, said:

“To be able to reach long-term energy and climate objectives we need disruptive solutions. Solutions that help us avoid as much emissions as possible while promoting innovation and growth in our societies.”

Dennis Pamlin, senior advisor of the Swedish group RISE, who is leading the MI consortia, will launch the countdown and open nominations for solutions on Tuesday 7 November during the Summit.

The 100 solutions will be selected from an open nomination process, as well as being sourced from organisations already working to identify and support low-carbon solutions including EIT Climate-KIC, the Clean Energy International Incubation Centre, WWF Climate Solvers, Breakthrough Energy and World Alliance for Efficient Solutions. They will be evaluated using the recently launched MI framework for avoided emissions to estimate potential GHG reductions.

Pamlin said,

“The framework aims to open new doors to investors to encourage their focus to move from avoiding investing in companies with high emissions, to supporting companies that produce the solutions that help reduce emissions in society. This is a shift in focus from how companies produce their goods and services, to what they produce.

Countdown to 20 framework innovators

Solution providers need investors that can support the accelerated uptake of disruptive low-carbon solutions. MI, currently working with pension funds, multi-laterals, institutional and venture capital investors, is calling for ‘framework innovators’ with the power to mainstream this approach of reinvestment and opportunity to join the pilot and test the framework over the coming two years. The aim is for it to be widely accessible by 2020.

4th Mission Innovation Ministerial meeting (MI-4), Vancouver, 27- 28 May, 2019

The final 100 solutions and 20 framework innovators will be presented at the next Mission Innovation Ministerial meeting, MI-4 in Vancouver, Canada, the week of 27 May 2019, where leading policymakers and business leaders will join to assess progress and discuss ways forward.

Kirsten Dunlop, CEO of EIT Climate-KIC, said:

“The Mission Innovation framework aims to disrupt conventional thinking around green or ESG investment, shifting mindsets from risk to opportunity. We need capital to go into building the next generation of ecological industries and sustainable ways of living. Shifting mindsets is at the core of systems interventions, like this, that can drive behaviour change and transformation.”

The 2018 Climate Innovation Summit

This year’s Climate Innovation Summit, organised by EIT Climate-KIC, focuses on ‘Mission Finance’ – the innovation in the global financial system needed to accelerate climate action.

The annual event convened by EIT Climate-KIC, Europe’s main climate innovation agency, brings together EIT Climate-KIC’s growing public-private knowledge and innovation community, spanning 27 countries and over 330 partners in research, business, government and higher education. Since 2010 the community has brought 367 new products and services to market and leveraged over €2.5 billion in climate funding.

Inaugural meeting of the European hub for the UNFC4S

The Summit is being held in the emerging green business hub of Dublin, also home to the EU Hub of the UN’s FC4S Network. The EU Hub, which is supported by an investment of €1.5 million from EIT Climate-KIC, will hold its inaugural meeting at the summit, and will be opened by Ireland’s Minister of Finance, Paschal Donohoe, on 7 November 2018.

The FC4S network will develop a common European assessment tool to evaluate climate and sustainability credentials for financial centres and assist with the design and delivery of development plans within financial centres yet to fully embed “the green finance agenda” within their activities. EIT Climate-KIC supported the development of the world’s first green benchmark for financial centres, the tool at the centre of this initiative.

Environmental Finance partnered with EIT Climate-KIC on a series of articles ahead of the event, available here.

 
Location
Related Goal
Goal 10: Mainstream climate in financial markets
Articles you may be interested in
In The News
In the face of complex challenges, Europe stronger together, says EU President...

European Commission President Ursula von der Leyen outlined her...

In the face of complex challenges, Europe stronger together, says EU President von der Leyen
In The News
New IPCC report reveals urgent need for climate innovation

The IPCC’s Sixth Assessment Report has launched. The report...

New IPCC report reveals urgent need for climate innovation
In The News
Moving beyond ‘brown coal’ in Europe’s rural regions

Together with Partners, EIT Climate-KIC is leading a process...

Moving beyond ‘brown coal’ in Europe’s rural regions
In The News
EU’s “Fit for 55” to spur policy innovation for climate action

The European Commission has released its “Fit for 55”...

EU’s “Fit for 55” to spur policy innovation for climate action
In The News
Munich Re and ERGO invest in EIT Climate-KIC carbon removal programme

Major German corporate group sets the ambition to accelerate...

Munich Re and ERGO invest in EIT Climate-KIC carbon removal programme
In The News
23 pilot projects selected by EIT to unlock higher education’s innovation po...

The European Institute of Innovation and Technology (EIT) has...

23 pilot projects selected by EIT to unlock higher education’s innovation potential in Europe
In The News
Investing in start-ups scales the offering of climate adaptation solutions in ...

A partnership between EIT Climate-KIC and CDC Group, the...

Investing in start-ups scales the offering of climate adaptation solutions in African and South Asian countries
In The News
Irish Aid extends support for innovation and development from the ground up

The Government of Ireland’s development assistance programme, Irish Aid,...

Irish Aid extends support for innovation and development from the ground up
In The News
EIT Climate-KIC showcases climate innovation at R&I Days

EIT Climate-KIC participated in the European Commission’s Research and...

EIT Climate-KIC showcases climate innovation at R&I Days
In The News
Branch Magazine wins Ars Electronica Award for Digital Humanity

Branch Magazine, a collaboration between EIT Climate-KIC, Mozilla Foundation...

Branch Magazine wins Ars Electronica Award for Digital Humanity
In The News
Cross-KIC project to boost circular economy in Western Balkans

The circular economy concept is of crucial importance to...

Cross-KIC project to boost circular economy in Western Balkans
In The News
Exploring new horizons with Pioneers into Practice

Enrolment is now open for placement hosts and participants...

Exploring new horizons with Pioneers into Practice
In The News
Circular bioeconomy start-up receives €2 million from European Innovation Co...

EIT Climate-KIC supported Lixea (formerly Chrysalix Technologies) has received...

Circular bioeconomy start-up receives €2 million from European Innovation Council Fund
In The News
Embracing a new approach to climate change in Moldova

Moldova is one of Europe’s most modest contributors to...

Embracing a new approach to climate change in Moldova
In The News
Krakow: transforming the city towards climate neutrality

Poland’s former capital and one of its oldest cities,...

Krakow: transforming the city towards climate neutrality
In The News
Is Europe doing enough to tackle climate change?

On 23 April, EIT Climate-KIC CEO Kirsten Dunlop spoke...

Is Europe doing enough to tackle climate change?
In The News
EU Commission publishes sustainable finance taxonomy

The European Commission has published its EU-wide classification system for...

EU Commission publishes sustainable finance taxonomy
In The News
New European Bauhaus: what kind of future do you want to live in?

On 22 and 23 April, the first conference dedicated...

New European Bauhaus: what kind of future do you want to live in?
In The News
Estonian innovation to help stabilise grid as renewables increase

EIT Climate-KIC supported Estonian start-up Sympower has raised €5.2...

Estonian innovation to help stabilise grid as renewables increase
In The News
Five EIT Climate-KIC community members in Forbes 30 under 30 list

Twelve entrepreneurs from across the EIT community have been...

Five EIT Climate-KIC community members in Forbes 30 under 30 list
In The News
These eleven organisations are building a greener Europe

Google, in partnership with EIT Climate-KIC, launched the €10...

These eleven organisations are building a greener Europe
In The News
New equity crowdfunding programme unearths cleantech start-ups

Found by us, funded by you, a new start-up...

New equity crowdfunding programme unearths cleantech start-ups
In The News
From start-up to 100-person industry player in 18 months: air up is launching ...

It’s a beverage revolution: Healthy hydration while fooling your...

From start-up to 100-person industry player in 18 months: air up is launching in new markets
In The News
#TurnItAround: an event for all climate solutions seekers, suppliers and enabl...

As part of the fifth SDG Global festival of...

#TurnItAround: an event for all climate solutions seekers, suppliers and enablers
In The News
New EIT initiative to boost innovation in higher education

The European Institute of Innovation and Technology (EIT) is...

New EIT initiative to boost innovation in higher education
In The News
Just transition within reach for Polish coal city Rybnik

“We are preparing plans for the next decade. Mentality is...

Just transition within reach for Polish coal city Rybnik
In The News
Inclusive guide helps communities build urban resilience

The new Urban Action Kit, launched by the International...

Inclusive guide helps communities build urban resilience
In The News
Climate app among DigiEduHack 2020 global finalists

The DigiEduHack, supported by EIT Climate-KIC as well as...

Climate app among DigiEduHack 2020 global finalists
In The News
GreeMko receives Climate Reality Project Award in Spain 

GreeMko (for Green Management Technology), a Spanish start-up that...

GreeMko receives Climate Reality Project Award in Spain 
In The News
What’s the future of trade in a climate crisis?

EIT Climate-KIC Chief Executive Officer Kirsten Dunlop addressed the...

What’s the future of trade in a climate crisis?